Apple and Goldman Sachs Developing New Credit Card

Goldman Sachs and Apple are working on a new credit card product featuring heavy iPhone integration. Launching later in 2019, Apple employees will start testing the new financial product soon.

The company has been working toward refocusing on their service-based products and this credit card partnership is an important step. This would be the first credit card for global investment banking giant Goldman Sachs. Marcus, Goldman Sachs’ first consumer facing banking product, launched in 2016. Goldman Sachs is working to rebrand its company image after the catastrophic 2008 financial crisis, for which they were largely blamed. They continue to receive criticism for receiving a bailout amounting to billions of dollars while many Americans lost their homes and investments.

Apple also has a partnership with Barclays. They issue a Barclaycard Visa with Apple Rewards. Consumers can get this credit card through the Apple Store to finance Apple purchases.

Last year, Apple announced that it would no longer include the number of units sold in quarterly earnings updates. They say the number of paid subscriptions to their services presents a more accurate picture of how the company is performing. Apple already takes a cut from multimedia sales and app sales. It also takes a percentage of transactions made via Apple Pay.

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5 years ago